A Comprehensive Strategy In Works For Exports To Reach USD 2 Tn: Piyush Goyal
(MENAFN- KNN India)
New Delhi, Jan 6 (KNN) Commerce and industry Minister Piyush Goyal has announced that the government is developing a comprehensive export strategy aimed at boosting India's combined goods and services shipments.
The Ministry is taking a targeted approach to achieve an ambitious export goal of USD 2 trillion by 2030, focusing on addressing exporters' concerns while identifying areas where India holds competitive advantages.
Despite global challenges, India's export performance remains robust, with projections indicating that exports will exceed USD 800 billion in 2024-25, up from USD 778 billion in the previous fiscal year.
Goyal expressed confidence in the continued growth trajectory of both goods and services exports, highlighting the government's proactive approach to accelerating this expansion.
When questioned about budget expectations for the export sector, Goyal emphasised Prime Minister Narendra Modi's consistent support for the exporting community.
He expressed confidence that both the Prime Minister and Finance Minister Nirmala Sitharaman would maintain their proactive stance in supporting export initiatives.
The ministry is actively addressing exporters' concerns regarding declining export credit and high interest rates. According to the Federation of India Export Organisations (FIEO), export credit saw a 5 percent decline between March 2022 (Rs 2,27,452 crore) and March 2024 (Rs 2,17,406 crore).
Goyal indicated that his ministry is working closely with the banking system and the Export Credit Guarantee Corporation to develop solutions, while FIEO has requested an extension of the interest equalisation scheme to address liquidity challenges.
Regarding Special Economic Zones (SEZs), Goyal revealed that discussions are underway with stakeholders and SEZ units to revamp the existing framework, promising a comprehensive solution to address their concerns in the near future.
The minister also addressed concerns about Chinese imports, assuring that the government would take proactive measures against dumping practices. He urged industry players to approach the Directorate General of Trade Remedies immediately if they encounter unfair competition due to import surges.
(KNN Bureau)
MENAFN06012025000155011030ID1109057912
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.